Exhibit 99.1

Okeanis Eco Tankers Corp. – Unaudited Condensed Financial Statements for the Second Quarter and Six-Month Period of 2026

ATHENS, GREECE, August 4, 2026 – Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, “OET” or the “Company”) (NYSE: ECO, OSE: OET) today reported its unaudited condensed financial results for the second quarter and six-month period of 2026, which are attached to this press release.

Financial performance of the Second Quarter Ended June 30, 2026

Revenues of $318.9 million in Q2 2026, compared to $93.9 million in Q2 2025.
Profit of $230.3 million in Q2 2026, compared to $26.9 million in Q2 2025.
Vessel operating expenses of $13.3 million in Q2 2026, compared to $11.5 million in Q2 2025.
Earnings per share of $5.90 in Q2 2026, compared to $0.84 in Q2 2025.
Cash (including restricted cash) of $247.8 million as of June 30, 2026, compared to $122.5 million as of December 31, 2025.

Financial performance of the Six Months Ended June 30, 2026

Revenues of $489.0 million in 6M 2026, compared to $174.1 million in 6M 2025.
Profit of $318.6 million in 6M 2026, compared to $39.4 million in 6M 2025.
Vessel operating expenses of $25.6 million in 6M 2026, compared to $22.0 million in 6M 2025.
Earnings per share of $8.25 in 6M 2026, compared to $1.23 in 6M 2025.

Alternative performance metrics and market development

Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $268.1 million in Q2 2026.
EBITDA and Adjusted EBITDA (each non-IFRS measures*) of $251.6 million and $251.8 million, respectively, in Q2 2026.
Adjusted profit* and Adjusted earnings per share* (each non-IFRS measures*) of $230.8 million or $5.91 per basic and diluted share in Q2 2026.
Fleetwide daily TCE rate* of $191,700 per available spot day and $181,200 per operating day; VLCC TCE rate of $213,600 per available spot day and $187,700 per operating day; and Suezmax TCE rate of $174,900 per available spot and operating day, in Q2 2026.
Daily vessel operating expenses (“Daily Opex”, a non-IFRS measure*) of $9,936 per calendar day, including management fees, in Q2 2026.
In Q3 2026 to date, 48% of the available VLCC spot days have been booked at an average TCE rate of $206,600 per day and 42% of the available Suezmax spot days have been booked at an average TCE rate of $133,000 per day.

Declaration of Q2 2026 dividend

The Company’s board of directors declared a dividend of $5.25 per common share to shareholders. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK. The cash payment will be paid on August 21, 2026, to shareholders of record as of August 14, 2026. The common shares will be traded ex-dividend on the NYSE as from and including August 14, 2026, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including August 13, 2026. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, dividends payable on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about August 26, 2026.

*The Company uses certain financial information calculated on a basis other than in accordance with International Financial Reporting Standards (“IFRS”) and generally accepted accounting principles, including TCE, Daily TCE, EBITDA, Adjusted EBITDA, Adjusted profit, Adjusted earnings per share, and Daily Opex. For a reconciliation of these non-IFRS measures, please refer to the report attached to this press release.

1


Presentation

OET will be hosting a conference call and webcast at 14:30 CET on Wednesday, August 5, 2026 to discuss the Q2 2026 and 6M 2026 results.

The webcast will include a slide presentation and will be available on the following link:

https://events.q4inc.com/attendee/394260832

An audio replay of the conference call will be available on our website:

http://www.okeanisecotankers.com/reports/

Contacts

Company:

Iraklis Sbarounis, CFO

Tel: +30 210 480 4200

ir@okeanisecotankers.com

Investor Relations / Media Contact:

Nicolas Bornozis, President

Capital Link, Inc.

230 Park Avenue, Suite 1540, New York, N.Y. 10169

Tel: +1 (212) 661-7566

okeanisecotankers@capitallink.com

About OET

OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Stock Exchange under the symbol OET and the New York Stock Exchange under the symbol ECO. The sailing fleet consists of ten modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.

Forward Looking Statements

This communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics, including effects on demand for oil and other products transported by tankers and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

2


Graphic

3


Okeanis Eco Tankers Corp. Reports Financial Results for the Second Quarter and Six-Month Period of 2026

ATHENS, GREECE, August 4, 2026 – Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, “OET” or the “Company”) (NYSE: ECO, OSE: OET) today reported its unaudited condensed financial results for the second quarter and six-month period of 2026.

Financial performance of the Second Quarter Ended June 30, 2026

Revenues of $318.9 million in Q2 2026, compared to $93.9 million in Q2 2025.
Profit of $230.3 million in Q2 2026, compared to $26.9 million in Q2 2025.
Vessel operating expenses of $13.3 million in Q2 2026, compared to $11.5 million in Q2 2025.
Earnings per share of $5.90 in Q2 2026, compared to $0.84 in Q2 2025.
Cash (including restricted cash) of $247.8 million as of June 30, 2026, compared to $122.5 million as of December 31, 2025.

Financial performance of the Six Months Ended June 30, 2026

Revenues of $489.0 million in 6M 2026, compared to $174.1 million in 6M 2025.
Profit of $318.6 million in 6M 2026, compared to $39.4 million in 6M 2025.
Vessel operating expenses of $25.6 million in 6M 2026, compared to $22.0 million in 6M 2025.
Earnings per share of $8.25 in 6M 2026, compared to $1.23 in 6M 2025.

Alternative performance metrics and market development

Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $268.1 million in Q2 2026.
EBITDA and Adjusted EBITDA (each non-IFRS measures*) of $251.6 million and $251.8 million, respectively, in Q2 2026.
Adjusted profit* and Adjusted earnings per share* (each non-IFRS measures*) of $230.8 million or $5.91 per basic and diluted share in Q2 2026.
Fleetwide daily TCE rate* of $191,700 per available spot day and $181,200 per operating day; VLCC TCE rate of $213,600 per available spot day and $187,700 per operating day; and Suezmax TCE rate of $174,900 per available spot and operating day, in Q2 2026.
Daily vessel operating expenses (“Daily Opex”, a non-IFRS measure*) of $9,936 per calendar day, including management fees, in Q2 2026.
In Q3 2026 to date, 48% of the available VLCC spot days have been booked at an average TCE rate of $206,600 per day and 42% of the available Suezmax spot days have been booked at an average TCE rate of $133,000 per day.

Declaration of Q2 2026 dividend

The Company’s board of directors declared a dividend of $5.25 per common share to shareholders. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK. The cash payment will be paid on August 21, 2026, to shareholders of record as of August 14, 2026. The common shares will be traded ex-dividend on the NYSE as from and including August 14, 2026, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including August 13, 2026. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, dividends payable on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about August 26, 2026.

4


Financial results overview – second quarter and six months of 2026

  ​ ​ ​

  ​ ​ ​

Q2 2026

  ​ ​ ​

Q2 2025

  ​ ​ ​

6M 2026

  ​ ​ ​

6M 2025

  ​ ​ ​

% Change

 

Commercial

 

VLCC Daily TCE*

$

187,700

$

49,800

$

146,200

$

43,900

 

233

%

Performance

 

Suezmax Daily TCE*

$

174,900

$

51,400

$

130,000

$

45,400

 

186

%

USD per day

 

Fleetwide Daily TCE*

$

181,200

$

50,500

$

138,100

$

44,500

 

210

%

 

Fleetwide Daily Opex (incl. mgmt. fees)*

$

9,936

$

9,963

$

9,769

$

9,600

 

2

%

 Q2 2026

Q2 2025

6M 2026

6M 2025

 

% Change

Income

 

TCE Revenue*

$

268.1

$

64.0

$

400.4

$

112.6

 

256

%

Statement

 

Adjusted EBITDA*

$

251.8

$

47.3

$

361.9

$

79.8

 

353

%

USDm excl. EPS

 

Adjusted Profit*

$

230.8

$

26.7

$

319.7

$

38.1

 

739

%

 

Adjusted Earnings Per Share*

$

5.91

$

0.83

$

8.28

$

1.18

 

602

%

June 30, 2026

December 31, 2025

 

% Change

Balance Sheet

 

Total Debt

$

722.5

$

605.1

 

19

%

USDm

 

Total Cash (incl. Restricted Cash) **

$

247.8

$

122.5

 

102

%

 

Total Assets

$

1,649.3

$

1,200.6

 

37

%

 

Total Equity

$

877.5

$

573.1

 

53

%

 

Book Leverage***

 

35

%  

46

%  

(24)

%


*The Company uses certain financial information calculated on a basis other than in accordance with generally accepted accounting principles and International Financial Reporting Standards (“IFRS”), including TCE, Daily TCE, EBITDA, Adjusted EBITDA, Adjusted profit, Adjusted earnings per share, and Daily Opex. For a reconciliation of these non-IFRS measures, please refer to the end of this press release.

**Out of the total cash balance, $17.0 million is classified as restricted cash, representing short-term (less than three months) cash collateral held in restricted accounts in connection with the Nissos Piperi Facility and the Nissos Nikouria Facility. During the period such cash collateral is maintained, the Nissos Piperi Facility and the Nissos Nikouria Facility bear reduced all-in interest rates of 0.5% and 0.6%, respectively.

***Book Leverage is calculated as net debt over net debt plus equity.

Q2 2026 and other recent highlights

On April 29, 2026, we entered into a $50.0 million facility agreement to finance the previously announced declaration of our option to purchase back the Nissos Rhenia from its current sale and leaseback financier (the “Nissos Rhenia Facility”). The Nissos Rhenia Facility is provided by a prominent Greek bank. It contains an interest rate of Term SOFR plus 125 basis points (or 50 basis points for any outstanding part of the loan in respect of which an amount of at least $1 million has been deposited and blocked for the whole of the relevant interest period in a cash collateral account), matures in seven years, and will be repaid in 28 quarterly installments of $0.825 million, together with a balloon installment of $26.9 million payable at maturity. It is secured by, among other things, a mortgage over the Nissos Rhenia, and it is guaranteed by the Company. The facility was drawn on April 30, 2026, and the vessel Nissos Rhenia was repurchased from its sale and leaseback financier on May 4, 2026.

5


On April 30, 2026, we entered into a $50.0 million facility agreement to finance the previously announced declaration of our option to purchase back the Nissos Despotiko from its current sale and leaseback financier (the “Nissos Despotiko Facility”). The Nissos Despotiko Facility is provided by another prominent Greek bank. It contains an interest rate of Term SOFR plus 130 basis points (or 55 basis points for any outstanding part of the loan in respect of which the equivalent amount has been deposited and blocked for the whole of the relevant interest period in a cash collateral account), matures in nine years, and will be repaid in 36 quarterly installments of $0.825 million, together with a balloon installment of $20.3 million payable at maturity. It is secured by, among other things, a mortgage over the Nissos Despotiko, and it is guaranteed by the Company. The facility was drawn on June 8, 2026, and the vessel Nissos Despotiko was repurchased from its sale and leaseback financier on June 10, 2026.
On April 30, 2026, we entered into a $90.0 million facility agreement to finance a portion of the acquisition price of our two recently acquired newbuilding contracts relating to two new Suezmax vessels, each under construction at Daehan Shipbuilding Co., Ltd, named Nissos Tigani and Nissos Vous, with deliveries from the shipyard on May 29, 2026 and July 8, 2026, respectively (the “Nissos Tigani and Nissos Vous Facility”). The Nissos Tigani and Nissos Vous Facility is provided by a syndicate of banks led and arranged by E.SUN Commercial Bank, Ltd. It contains an interest rate of Term SOFR plus 120 basis points, matures in eight years, and will be repaid in 32 quarterly installments of $1.07 million, together with aggregate balloon installments of $55.76 million payable at maturity, related to both vessels. It is secured by, among other things, mortgages over the Nissos Tigani and the Nissos Vous, and it is guaranteed by the Company. Advance A was drawn on May 26, 2026, and Advance B was drawn on July 2, 2026.
The Company paid a dividend of approximately $78.1 million, or $2.00 per share, in June 2026.

6


Unaudited condensed consolidated statements of profit or loss and other comprehensive income

  ​ ​ ​

For the Three months

  ​ ​ ​

For the Six months

ended June 30,

ended June 30,

USD

2026

  ​ ​ ​

2025

2026

  ​ ​ ​

2025

Revenue

$

318,852,577

$

93,947,134

$

489,017,593

$

174,094,786

Operating expenses

 

 

 

 

Commissions

 

(2,557,297)

 

(1,334,189)

 

(4,260,493)

 

(2,008,372)

Voyage expenses

 

(48,155,183)

 

(28,600,049)

 

(84,396,534)

 

(59,517,139)

Vessel operating expenses

 

(13,336,181)

 

(11,546,813)

 

(25,567,252)

 

(22,045,871)

Management fees- related party

 

(1,459,220)

 

(1,146,600)

 

(2,850,820)

 

(2,280,600)

Depreciation and amortization

 

(12,735,038)

 

(10,343,401)

 

(24,748,387)

 

(20,565,522)

General and administrative expenses

 

(1,555,733)

 

(4,041,931)

 

(10,082,841)

 

(8,463,067)

Total operating expenses

$

(79,798,652)

$

(57,012,983)

$

(151,906,327)

$

(114,880,571)

Operating profit

$

239,053,925

$

36,934,151

$

337,111,266

$

59,214,215

Other income / (expenses)

 

 

 

 

Interest income

 

1,379,880

 

407,470

 

2,431,082

 

815,603

Interest expense and other finance costs

 

(9,935,491)

 

(11,632,771)

 

(20,266,047)

 

(23,038,063)

Unrealized gain, net on derivatives

 

905,854

 

1,351,339

 

278,397

 

2,465,940

Realized gain, net on derivatives

 

319,460

 

489,497

 

665,290

 

397,168

Loss on debt extinguishment

(1,363,059)

(1,125,951)

(1,363,059)

(1,125,951)

Foreign exchange (loss)/gain

 

(49,321)

 

463,174

 

(227,978)

 

713,930

Total other expenses, net

$

(8,742,677)

$

(10,047,242)

$

(18,482,315)

$

(19,771,373)

Profit for the period

$

230,311,248

$

26,886,909

$

318,628,951

$

39,442,842

Other comprehensive income

 

 

 

 

Total comprehensive income for the period

$

230,311,248

$

26,886,909

$

318,628,951

$

39,442,842

Profit attributable to the owners of the Group

$

230,311,248

$

26,886,909

$

318,628,951

$

39,442,842

Total comprehensive income attributable to the owners of the Group

$

230,311,248

$

26,886,909

$

318,628,951

$

39,442,842

Earnings per share - basic & diluted

$

5.90

$

0.84

$

8.25

$

1.23

Weighted average no. of shares - basic & diluted

39,044,655

32,194,108

38,605,735

32,194,108

7


Unaudited condensed consolidated statements of financial position

  ​ ​ ​

As of

  ​ ​ ​

As of

USD

June 30, 2026

December 31, 2025

ASSETS

 

  ​

 

  ​

Non-current assets

 

  ​

 

  ​

Vessels, net

$

1,193,612,396

$

922,117,179

Advances for acquisition of vessels

 

20,133,259

 

38,894,251

Other non-current assets

 

3,529,393

 

58,332

Derivative financial instruments

 

 

120,638

Restricted cash

6,210,000

4,510,000

Total non-current assets

$

1,223,485,048

$

965,700,400

Current assets

 

 

Inventories

$

29,662,719

$

17,273,715

Trade and other receivables

 

133,974,496

 

85,091,040

Claims receivable

 

612,402

 

320,097

Prepaid expenses and other current assets

 

9,579,615

 

6,466,709

Derivative financial instruments

 

1,869,361

 

1,470,326

Current accounts due from related parties

 

8,475,446

 

6,286,469

Current portion of restricted cash

 

19,005,431

 

1,399,243

Cash & cash equivalents

 

222,591,472

 

116,636,741

Total current assets

$

425,770,942

$

234,944,340

TOTAL ASSETS

$

1,649,255,990

$

1,200,644,740

SHAREHOLDERS’ EQUITY & LIABILITIES

 

 

Shareholders’ equity

 

 

Share capital

$

39,740

$

36,129

Additional paid-in capital

 

249,287,654

 

124,891,132

Treasury shares

 

(4,583,929)

 

(4,583,929)

Other reserves

 

(34,903)

 

(34,903)

Retained earnings

 

632,803,235

 

452,782,809

Total shareholders’ equity

$

877,511,797

$

573,091,238

Non-current liabilities

 

 

Long-term borrowings, net of current portion

$

670,787,434

$

470,583,980

Retirement benefit obligations

 

61,629

 

61,629

Other non-current liabilities

4,874,156

Total non-current liabilities

$

675,723,219

$

470,645,609

Current liabilities

 

 

Trade payables

$

32,303,193

$

13,748,183

Accrued expenses and other current libilities

 

9,186,092

 

8,643,793

Deferred revenue

 

2,825,340

 

Current portion of long-term borrowings

 

51,706,349

 

134,515,917

Total current liabilities

$

96,020,974

$

156,907,893

TOTAL LIABILITIES

$

771,744,193

$

627,553,502

TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES

$

1,649,255,990

$

1,200,644,740

8


Unaudited condensed consolidated statement of changes in shareholders’ equity

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Additional

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Number

Share

paid-in

Treasury

Other

Retained

USD, except share amounts

 

of shares

 

capital

 

capital

 

Shares

 

Reserves

 

Earnings

 

Total

Balance - January 1, 2025

 

32,194,108

$

32,890

$

14,501,517

$

(4,583,929)

$

(35,913)

$

400,512,351

$

410,426,916

Profit for the period

 

 

 

 

 

 

39,442,842

 

39,442,842

Dividends declared ($0.67 per share)

 

 

 

 

 

 

(21,570,052)

 

(21,570,052)

Balance - June 30, 2025

 

32,194,108

$

32,890

$

14,501,517

$

(4,583,929)

$

(35,913)

$

418,385,141

$

428,299,706

Balance - January 1, 2026

 

35,433,544

$

36,129

$

124,891,132

$

(4,583,929)

$

(34,903)

$

452,782,809

$

573,091,238

Profit for the period

 

 

 

 

 

 

318,628,951

 

318,628,951

Common share issuance, net of offering expenses

3,611,111

3,611

124,396,522

124,400,133

Dividends declared ($3.55 per share)

 

 

 

 

 

 

(138,608,525)

 

(138,608,525)

Balance - June 30, 2026

 

39,044,655

$

39,740

$

249,287,654

$

(4,583,929)

$

(34,903)

$

632,803,235

$

877,511,797

9


Unaudited condensed consolidated statements of cash flows

For the three months ended June 30,

For the six months ended June 30,

USD

2026

2025

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

Profit for the period

$

230,311,248

$

26,886,909

$

318,628,951

$

39,442,842

Adjustments to reconcile profit to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

12,735,038

 

10,343,401

 

24,748,387

 

20,565,522

Interest expense

 

9,447,565

 

10,833,146

 

19,182,901

 

21,847,738

Amortization of loan financing fees and loan modification gain

 

305,885

 

316,294

 

620,214

 

637,847

Unrealized gain, net on derivatives

 

(905,854)

 

(1,351,339)

 

(278,397)

 

(2,465,940)

Interest income

 

(1,379,880)

 

(407,470)

 

(2,431,082)

 

(815,603)

Unrealized foreign exchange loss/ (gain)

 

44,644

 

(762,477)

 

37,259

 

(1,082,093)

Loss on debt extinguishment

1,363,059

1,125,951

1,363,059

1,125,951

Total reconciliation adjustments

$

21,610,457

$

20,097,506

$

43,242,341

$

39,813,422

Changes in working capital:

 

 

 

 

Trade and other receivables

 

(55,653,751)

 

2,517,805

 

(49,071,629)

 

(4,570,218)

Prepaid expenses and other current assets and non-current assets

 

650,324

 

(6,128,875)

 

(6,583,968)

 

(4,305,186)

Inventories

 

(5,311,401)

 

3,997,610

 

(12,389,004)

 

2,364,436

Trade payables

 

9,614,912

 

(1,248,502)

 

18,492,989

 

(1,355,333)

Accrued expenses and other current liabilities and non-current liabilities

 

(795,355)

 

2,234,618

 

4,475,817

 

795,879

Deferred revenue

 

125,317

 

 

2,825,340

 

Claims receivable

 

(22,386)

 

 

(292,304)

 

(77,521)

Due to related parties

 

 

 

 

(530,030)

Due from related parties

 

(1,211,560)

 

(234,524)

 

(2,188,977)

 

(623,462)

Total changes in working capital

$

(52,603,900)

$

1,138,132

$

(44,731,736)

$

(8,301,435)

Interest paid

 

(8,909,880)

 

(10,800,001)

 

(18,242,263)

 

(21,667,504)

Net cash provided by operating activities

$

190,407,925

$

37,322,546

$

298,897,293

$

49,287,325

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Decrease in restricted cash

 

25,732,172

 

273,575

 

 

Increase in restricted cash

 

 

 

(19,306,188)

 

(637,445)

Payments for special survey and drydocking costs

 

(760,088)

 

(1,254,975)

 

(1,611,947)

 

(1,974,583)

Payments for vessels and advances for acquisition of vessels

(79,687,469)

(275,819,213)

Interest received

 

1,595,824

 

428,633

 

2,457,127

 

719,353

Net cash used in investing activities

$

(53,119,561)

$

(552,767)

$

(294,280,221)

$

(1,892,675)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Proceeds from long-term borrowings

 

145,000,000

 

131,000,000

 

235,000,000

 

131,000,000

Repayments of long-term borrowings

 

(106,169,664)

 

(134,726,689)

 

(117,973,818)

 

(146,619,421)

Net proceeds from common share issuance

 

 

 

124,400,133

 

Dividends paid

(78,089,310)

(10,302,115)

(138,608,525)

(21,570,052)

Payments of loan financing fees

 

(1,087,500)

 

(884,000)

 

(1,605,000)

 

(884,000)

Net cash (used in)/ provided by financing activities

$

(40,346,474)

$

(14,912,804)

$

101,212,790

$

(38,073,473)

Effects of exchange rate changes of cash held in foreign currency

 

77,486

 

750,452

 

124,869

 

1,088,578

Net change in cash and cash equivalents

 

96,941,890

 

21,856,975

 

105,829,862

 

9,321,177

Cash and cash equivalents at beginning of period

 

125,572,096

 

37,145,992

 

116,636,741

 

49,343,664

Cash and cash equivalents at end of period

$

222,591,472

$

59,753,419

$

222,591,472

$

59,753,419

10


USE AND RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES

The Company together with its wholly owned subsidiaries, (the “Group”) evaluates its vessels’ operations and financial results principally by assessing their revenue generation (and not by the type of vessel, employment, customer, or type of charter). Among others, TCE, Daily TCE rate, EBITDA, Adjusted EBITDA, Daily Opex, Adjusted Profit/(loss) and Adjusted Earnings/(loss) per share are used as key performance indicators.

Daily TCE rate

In the shipping industry, economic decisions are based on vessels’ deployment upon anticipated TCE rates and time charter equivalent revenue, and industry analysts typically measure shipping freight rates in terms of TCE rates. This is because under time-charter and bareboat contracts the customer usually pays the voyage expenses, while under voyage charters the ship-owner usually pays the voyage expenses, which typically are added to the hire rate at an approximate cost. In a voyage charter contract, consideration is received for the use of a vessel between designated ports for the duration of the voyage only, at an agreed upon rate per volume of cargo carried. In a time charter contract, the customer (also known as the charterer) is responsible to pay for fuel consumed and port expenses incurred during the agreed period of time. In a voyage charter contract, the Company is responsible for maintaining the voyage, including vessel scheduling and routing, as well as any related voyage expenses, such as fuel, port and other expenses. Under voyage charters, the majority of voyage expenses are generally borne by us whereas for vessels in a time charter, such expenses are borne by the time charter operator. In a bareboat charter, the customer pays for all of the vessel’s operating expenses, and undertakes to maintain the vessel in a good state of repair and efficient operating condition and drydock the vessel during this period as per the classification society requirements. We may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during drydocking or due to other unforeseen circumstances. Because of the different nature of these types of arrangements, the amount of revenues earned by the Company can differ significantly between them.

The Daily Time Charter Equivalent Rate (“TCE rate”) is a measure of the average daily revenue performance of a vessel. The TCE rate and time charter equivalent revenue (TCE) are not measures of revenue under generally accepted accounting principles (i.e., they are non-GAAP measures) or IFRS and should not be considered as an alternative to any measure of revenue and financial performance presented in accordance with IFRS. We calculate the TCE rate by dividing revenues (time charter and/or voyage charter revenues), less commission and voyage expenses (which then equals “time charter equivalent revenue”), by the number of operating days (we define operating days as calendar days less any scheduled or unscheduled days that our vessels are off-hire due to unforeseen technical and commercial circumstances) or the number of available days (we define available days as calendar days less any scheduled or unscheduled days that our vessels are off-hire due to unforeseen technical or commercial circumstances) during that period. Our calculation of the TCE rate and time charter equivalent revenue may not be comparable to that reported by other companies. We define calendar days as the total number of days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet during the relevant period and affect the amount of expenses that we record during that period. We and other companies in the shipping industry use operating days to measure the aggregate number of days in a period that our vessels generate revenues. The period a vessel is not being chartered or is unable to perform the services for which it is required under a charter is “off-hire”.

We use the TCE rate and time charter equivalent revenue because they provide a means of comparison between different types of vessel employment and, therefore, assists our decision-making process with regards to the operation and use of our vessels and in evaluating our financial performance. We believe the TCE rate and time charter equivalent revenue provide additional meaningful information to our investors, constituting a comparison to Revenue, the most directly comparable GAAP and IFRS measure, that also enables our management to evaluate the performance and deployment of our fleet and in evaluating their financial performance. The TCE rate and time charter equivalent revenue are measures used to compare period-to-period changes in a company’s performance, and management believes that the TCE rate and time charter equivalent revenue provide meaningful information to our investors.

11


The following table sets forth our computation of TCE rates, including a reconciliation of revenues to the TCE rates (unaudited) for the periods presented:

For the Three months 

For the Six months 

ended June 30,

ended June 30,

USD

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Revenue

$

318,852,577

$

93,947,134

$

489,017,593

$

174,094,786

Voyage expenses

 

(48,155,183)

 

(28,600,049)

 

(84,396,534)

 

(59,517,139)

Commissions

 

(2,557,297)

 

(1,334,189)

 

(4,260,493)

 

(2,008,372)

Time charter equivalent revenue

$

268,140,097

$

64,012,896

$

400,360,566

$

112,569,275

Calendar days

 

1,489

 

1,274

 

2,909

 

2,534

Off-hire days

 

(9)

 

(6)

 

(9)

 

(6)

Operating days

 

1,480

 

1,268

 

2,900

 

2,528

Daily TCE rate

$

181,176

$

50,483

$

138,055

$

44,529

Daily Opex

Daily Opex per vessel is an alternative performance measure that provides meaningful information to our management with regards to our vessels’ efficiency and deployment. Daily Opex is not a measure under generally accepted accounting principles (i.e., it is a non-GAAP measure) or IFRS and should not be considered as an alternative to any measure of expenses and financial performance presented in accordance with IFRS. Our reconciliation of daily Opex, including management fees, may differ from that reported by other companies. We believe Daily Opex provides additional meaningful information in conjunction with Vessel operating expenses, the most directly comparable GAAP and IFRS measure, because it provides meaningful information to our investors in evaluating our financial performance.

Daily Opex is calculated as vessel operating expenses and technical management fees divided by calendar days, for the relevant periods.

The following table sets forth our reconciliation of daily Opex (unaudited) for the periods presented:

For the Three months

For the Six months

ended June 30,

ended June 30,

USD

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Vessel operating expenses

$

13,336,181

$

11,546,813

$

25,567,252

$

22,045,871

Management fees

 

1,459,220

 

1,146,600

 

2,850,820

 

2,280,600

Total vessel operating expenses

$

14,795,401

$

12,693,413

$

28,418,072

$

24,326,471

Calendar days

 

1,489

 

1,274

 

2,909

 

2,534

Daily Opex

$

9,936

$

9,963

$

9,769

$

9,600

Daily Opex excluding management fees

$

8,956

$

9,063

$

8,789

$

8,700

EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted Earnings per share

Earnings before interest, tax, depreciation and amortization (EBITDA) is an alternative performance measure, derived directly from the statement of profit or loss and other comprehensive income by adding back to profit/(loss) depreciation, amortization, interest and finance costs and subtracting interest income. Adjusted EBITDA is defined as EBITDA before non-recurring items, unrealized losses/(gains) on derivatives, realized losses/(gains) on derivatives, foreign exchange (gains)/losses, (gain)/loss from loan modifications and loss on debt extinguishment. Adjusted profit/(loss) is defined as reported profit/(loss) before non-recurring items, unrealized losses/(gains) on derivatives, impairment loss, loan modification gain/(loss), loss on debt extinguishment and gain/(loss) on disposal of vessels, if any. Adjusted earnings/(loss) per share is defined as adjusted profit/(loss) divided by the weighted average number of common shares outstanding in the period.

Furthermore, EBITDA, Adjusted EBITDA, Adjusted profit/(loss) and Adjusted earnings/(loss) per share have certain limitations in use and should not be considered alternatives to reported profit/(loss), operating profit, cash flows from operations, earnings per share or any other GAAP or IFRS measure of financial performance. EBITDA, Adjusted EBITDA, Adjusted profit/(loss) and Adjusted earnings/(loss) per share exclude some, but not all, items that affect profit/(loss).

12


EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted Earnings per share are not measures of profit under generally accepted accounting principles (i.e., they are non-GAAP measures) or IFRS and should not be considered as an alternative to any measure of revenue and financial performance presented in accordance with IFRS. EBITDA, Adjusted EBITDA, Adjusted profit and Adjusted earnings per share are used as supplemental financial measures by management and external users of financial statements to assess our operating performance. We believe that EBITDA, Adjusted EBITDA, Adjusted profit and Adjusted earnings per share assist our management and our investors by providing useful information that increases the comparability of our operating performance from period to period and against our previous performance and the operating performance of other companies in our industry that provide relevant information. We believe EBITDA, Adjusted EBITDA, Adjusted profit and Adjusted earnings per share provide additional meaningful information in conjunction with profit, the most directly comparable GAAP and IFRS measure, because they provide meaningful information in evaluating our financial performance.

Our method of computing EBITDA, Adjusted EBITDA, Adjusted profit/(loss) and Adjusted earnings/(loss) per share may not be consistent with similarly titled measures of other companies and, therefore, might not be comparable with other companies.

The following table sets forth a reconciliation of profit to EBITDA (unaudited) and Adjusted EBITDA (unaudited) for the periods presented:

For the Three months ended June 30,

For the Six months ended June 30,

USD

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Profit for the period

$

230,311,248

$

26,886,909

$

318,628,951

$

39,442,842

Depreciation and amortization

 

12,735,038

 

10,343,401

 

24,748,387

 

20,565,522

Interest expense and other finance costs

 

9,935,491

 

11,632,771

 

20,266,047

 

23,038,063

Interest income

 

(1,379,880)

 

(407,470)

 

(2,431,082)

 

(815,603)

EBITDA

$

251,601,897

$

48,455,611

$

361,212,303

$

82,230,824

Unrealized gain, net on derivatives

 

(905,854)

 

(1,351,339)

 

(278,397)

 

(2,465,940)

Realized gain, net on derivatives

 

(319,460)

 

(489,497)

 

(665,290)

 

(397,168)

Loss on debt extinguishment

1,363,059

1,125,951

1,363,059

1,125,951

Foreign exchange loss/ (gain)

 

49,321

 

(463,174)

 

227,978

 

(713,930)

Adjusted EBITDA

$

251,788,963

$

47,277,552

$

361,859,653

$

79,779,737

The following table sets forth a reconciliation of profit to Adjusted profit (unaudited) and a computation of Adjusted earnings per share (unaudited) for the periods presented:

For the Three months ended June 30,

For the Six months ended June 30,

USD

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Profit for the period

$

230,311,248

$

26,886,909

$

318,628,951

$

39,442,842

Loss on debt extinguishment

1,363,059

1,125,951

1,363,059

1,125,951

Unrealized gain, net on derivatives

 

(905,854)

 

(1,351,339)

 

(278,397)

 

(2,465,940)

Adjusted Profit

$

230,768,453

$

26,661,521

$

319,713,613

$

38,102,853

Weighted average number of common shares outstanding in the period

 

39,044,655

 

32,194,108

 

38,605,735

 

32,194,108

Adjusted earnings per share, basic and diluted

$

5.91

$

0.83

$

8.28

$

1.18

RESPONSIBILITY STATEMENT

We confirm that, to the best of our knowledge, the unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board, and give a true and fair view of the Group’s consolidated assets, liabilities, financial position and results of operations for the period.

We also confirm that the interim condensed consolidated financial statements include a fair view of important events that occurred during the first six months of the fiscal year ending December 31, 2026 and their impact on these financial statements.

Having assessed the Company’s ability to continue as a going concern, the directors are not aware of any material uncertainties related to events or conditions that may cast doubt upon the Company’s ability to continue as a going concern.

13


The interim financial report for the period ended June 30, 2026, also provides alternative measures of the Company’s overall performance, highlighting key business dates and events.

Ioannis Alafouzos, Chairman & Director

Robert Knapp, Independent Director

Daniel Gold, Independent Director

Joshua Nemser, Independent Director

Charlotte Stratos, Independent Director

Francis Dunne, Independent Director

Peter Siakotos Konstantinidis, Independent Director

Dimitrios Papalexopoulos, Director

Forward Looking Statements

This communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics, including effects on demand for oil and other products transported by tankers and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Presentation

OET will be hosting a conference call and webcast at 14:30 CET on Wednesday, August 5, 2026 to discuss the Q2 2026 and 6M 2026 results.

The webcast will include a slide presentation and will be available on the following link:

https://events.q4inc.com/attendee/394260832

An audio replay of the conference call will be available on our website:

http://www.okeanisecotankers.com/reports/

14